It means you would be purchasing the business (shares of an LLC are called membership interests) that owns the real state rather than the property itself.Sometimes you can avoid paying transfer taxes doing it this way... it depends where the property is located.Generally speaking, when you purchase a business this way you acquire its assets as well as its liabilities.

We don’t know any PMCs to recommend in the orange county area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

The general consensus is we're going to need to set up an llc to get this going, but beyond that and detail wise, I'm looking for any help or guidance you can pass along.

Once you buy one, you'll probably buy more.Some suggestions:1) Us Quickbooks and set up Classes for each property and subclasses for each unit. 2) Scan EVERYTHING to either Google Drive or Dropbox. 3) Create a consistent folder-tree convention, example:   Main_123 (property address with street name first)   -General Property Info   --Insurance   --Property Taxes   --Title Docs   --LLC DOcs   --Purchase Docs   --Loan Docs-Utilities-Maintenance-Leases   --Folder (LastName_FirstInitial)-Advertising-Rental License-InspectionsAppliances & Mechanicals (pics, model tags, warranties, etc)4) Create list of consistent naming conventions for files so you don't have to open themExample: yyyy-mm-dd Main_123 Water Bill mm-dd to mm-dd $xx.xx               Lease Main_W_123_#unit (LastName_1stInitial) $RentAmount EXP yyyy-mm-dd5) Create a great lease by reviewing several from online, then have attorney review for compliance with state & local laws.

We are not setting up an LLC at this point.

I have a house that I am looking at putting up for rent, should I start an LLC. before I list it or not?

Continue problems! Going on almost a year. They have screwed everything up. Improperly reported to the IRS bad tax information. So far, the servicer shellpoint has messed up everything, failed to credit me, bought ins...

I am in the final steps of moving my first multi unit property to a LLC from our names (me and wife).

The general consensus is we're going to need to set up an llc to get this going, but beyond that and detail wise, I'm looking for any help or guidance you can pass along.

Hi. I am looking at a foreclosure that has been vacant for a long time. The bank listed is US Bank, but the servicer is Gregory Funding. The only numbers I have been able to find for them lead me to their customer ser...